China International Trust & Investment Corp (CITIC Group)Æs $200 million term loan has been launched via mandated coordinating arrangers Bank of Tokyo-Mitsubishi UFJ, HSBC, ING Bank and Mizuho Corporate Bank. HSBC and ING Bank are running the books while Bank of Tokyo-Mitsubishi UFJ is the facility and documentation agent.
The five year facility carries a margin of 35bp over Libor and is being marketed to banks on three tiers. Coordinating arrangers holding $15 million or above earn 30bp flat, translating to a top level all-in of 41bp; arrangers lending $10 million to $14 million get 22.5bp for an all-in of 39.5bp and senior managers pledging $5 million to $9 million receive 15bp for an all-in of 38bp.
Proceeds will be used for general corporate funding and to refinance existing debt. The facility has been fully underwritten by the mandated coordinating arrangers. Banks have until December 7 to revert.
Hong Kong
The HK$3 billion financing for Shangri-la Asia Treasury has been closed via mandated lead arrangers Bank of China (Hong Kong), DBS Bank, HSBC and Standard Chartered. The five year facility has received an overwhelming response in general syndication. It offers a spread of 29bp over Hibor, leading to a top level all-in of 34.5bp. Proceeds will be used for working capital. Allocations will be finalised soon and signing will take place shortly.
India
Bharat Petroleum Corp (BPCL)Æs $200 million financing has been closed via mandated coordinating arrangers BNP Paribas, Calyon, Mizuho Corporate Bank and Standard Chartered. Around five or six banks have committed and several others are said to be in the final stage of gaining approvals. The five year facility is priced at 59bp over Libor. Proceeds will be used for general capital expenditure purposes.
HSBC USA has signed a $4.67 billion multi-tranche project financing via a consortium of 11 banks. Proceeds are to support a natural gas liquefaction plant development project in the eastern Indonesian province of Irian Jaya (Papua). The 14.5 year facility is split into $1.9 billion, $1.3 billion, $1.1 billion and $350 million term loans that offer a margin of 22.4bp over Libor. China National Offshore Oil Corp is providing a guarantee and Mitsubishi Corp, Inpex Corp, Japan Oil, Gas & Metals National Corp, Kanematsu Communications, Mitsui & Co, Nippon Oil Exploration and LNG Japan are the sponsors. A group of 11 banks are participating in the transaction.
Mandated arrangers Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Fortis Bank, ING Bank, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp committed $105.8 million apiece, BBVA (Singapore) and DnB NOR Bank provided $100 million each and WestLB ended up with $75 million. Commonwealth Bank of Australia (Singapore) joined with a ticket of $50 million.
The signing ceremony took place on November 15.
Reliance Natural ResourcesÆ $312 million revolver was signed on November 21 (Thursday) via mandated arrangers Bank of America Securities Asia, Barclays Capital, BNP Paribas, DBS Bank, Sumitomo Mitsui Banking Corp and KfW who committed $50.3 million apiece while arranger Mizuho Corporate Bank took $10 million. The margin is 75bp over Libor. Proceeds are for working capital purposes.
United BreweriesÆ $30 million facility has signed via a total of three banks. The facility is split into a $20 million four year loan and a $10 million five year portion that both carry a margin of 110bp over Libor. Sole mandated arranger BNP Paribas provided $20 million and arrangers Bank of Taiwan (Singapore) and United Taiwan Bank contributed $5 million piece. Proceeds are for working capital purposes.
Indonesia
Bank Negara Indonesia has successfully raised $150 million from the market via a syndicate of 11 banks. The dual tranche facility is split into a $50 million two year tranche ôAö and a $100 million there year tranche ôBö.
Mandated arrangers ABN Amro, Mizuho Corporate Bank and Standard Chartered committed $26.3 million each while two others û Bank of Tokyo Mitsubishi UFJ and BayernLB û joined with holds of $25 million and $20 million respectively. Lead arranger State Bank of India took $10 million and arranger Burgan Bank lent $5 million. Lead managers Arab Investment, Bank Muscat and National Bank of Dubai took $3 million apiece and Zurcher Kantonalbank pledged $2 million.
Proceeds will be used for general corporate purposes and signing was held on November 15.
Japan
Asset Manager AsiaÆs Ñ3 billion facility has been launched into general syndication via sole mandated lead arranger Mizuho Corporate Bank. The one year facility carries a margin of 110bp over Libor and there is a one year put option that can be exercised at the end of the first year. Around two to three banks have already committed and several more are waiting for credit approvals. Banks have until November 30 to respond.
Philippines
AYC Finance has successfully raised $150 million from the market via a five year term loan. Mandated arrangers BNP Paribas, Calyon, Standard Chartered Bank and Sumitomo Mitsui Banking Corp contributed $37.5 million apiece. Ayala Corp is providing a guarantee. Proceeds will be used to refinance existing debt and to provide for general corporate requirements. The signing took place on November 21 in Manila.
South Korea
Hanjin Shipping signed a $530 million 14 year fundraising on November 20. There are 12 banks participating in the facility. Proceeds are to finance the construction of TEU container ships.
Mandated arrangers Export-Import Bank of Korea committed $265 million, ING Bank lent $25 million and BNP Paribas and DnB NOR pledged $20 million. A number of eight banks joined in syndication and they are Industrial & Commercial Bank of China taking $45 million, Lloyds Bank holding $30 million, DBS Bank and Woori Bank pledging $25 million each, BayernLB, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp chipping in with $20 million each and Credit Industriel et Commercial ending up with $15 million.
Mandated lead arrangers BayernLB, Calyon, DBS Bank, HSBC, HSH Nordbank, Oversea-Chinese Banking Corp, Standard Chartered and SMBC are set to close Korea Exchange BankÆs $300 million fundraising. Thus far, the facility has secured commitments from several banks.
The dual tranche facility comprises a one year term tranche that is priced at 7bp over Libor and a three year tranche that features a margin of 11bp over Libor. Proceeds will be used for working capital.
Taiwan
Sub-underwriting for China Network SystemsÆ NT$28 billion financing has yet to close via joint mandated lead arrangers Citigroup and Chinatrust Commercial Bank. The leveraged buyout financing has been heavily oversubscribed and has attracted at least 16 banks. However, bankers are still discussing whether or not to launch the deal into general syndication. DBS Bank, ING Bank, Societe Generale, SMBC and Taipei Fubon Commercial Bank are said to have already committed.
The financing consists of a NT$16.75 billion seven year tranche ôAö, a NT$9.5 billion 8.5 year tranche ôBö and a NT$1.75 billion 8.5 year tranche ôCö. Proceeds will be used to support the MBK Partners-led leveraged buyout of China Network Systems.
Joint mandated lead arrangers Mizuho Corporate Bank and Ta Chong Commercial Bank have launched Chun Chung HoldingsÆ $35 million financing into general syndication. The three year facility is priced at 150bp over Libor, translating to a top level all-in of 160bp over Libor. Mizuho Corporate Bank is running the books while Ta Chong Commercial Bank is the documentation and facility agent. Proceeds will be used for working capital purposes.
President International DevelopmentsÆ NT$2.8 billion dual tranche facility has been signed. Mandated arrangers Chinatrust Commercial Bank and Taipei Fubon Commercial Bank provided NT$400 million apiece and lead arranger Cathay United Bank committed NT$300 million. Managers Bank of Overseas Chinese, Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan and Taiwan Business Bank joined with tickets of NT$200 million each.
Proceeds are to refinance existing debt and provide for working capital requirements. Uni-President Enterprises Corp is providing a guarantee. Signing was held on November 21 in Taipei.
Bank of Taiwan, First Commercial Bank and Mizuho Corporate Bank have launched S Tech CorpÆs NT$900 million dual tranche facility into general syndication. Chang Hwa Commercial bank and Shanghai Commercial & Savings Bank joined as participants. Proceeds will be used for funding the purchase of machinery and equipment and for working capital purposes. The deadline for banks to respond is mid-December.
Wingate Overseas HoldingsÆ $200 million financing was launched last week via mandated lead arrangers BNP Paribas, Chinatrust Commercial Bank and DBS Bank. The facility is equally split into a term loan and a revolving credit. The five year facility features a spread of 29bp over Libor, leading to a top level all-in of 33bp over Libor.
Singapore-listed Want Want Holdings is providing a guarantee. Proceeds will be used for working capital and financial close is scheduled for December 15.
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